KBC Small Cap Conference of 30 NOV 2010

1. RECTICEL Strategy Update KBC – Small Cap Seminar 30 November 2010 Olivier Chapelle Chief Executive Officer

2. Agenda 1. Strategic Review Process 2. Strategic Observations 3. Polyurethane Market 4. Individual Business Line Strategies 5. Recticel Portfolio & Strategy

3. Agenda 1. Strategic Review Process 2. Strategic Observations 3. Polyurethane Market 4. Individual Business Line Strategies 5. Recticel Portfolio & Strategy

5. Agenda 1. Strategic Review Process 2. Strategic Observations 3. Polyurethane Market 4. Individual Business Line Strategies 5. Recticel Portfolio & Strategy

6. Through this exercise, we will try to provide answers to the following observations :  Recticel remains with a too high debt level , despite significant debt reduction over the last three years,  Recticel has insufficient financial means to properly invest in and develop its four business segments,  Recticel is currently concentrated in Europe (>95 % of sales),  Recticel is highly dependant on Insulation profits in Belgium, and exposed to the structural long term risks of the Automotive Industry. Recticel Today : strategic observations

7. Agenda 1. Strategic Review Process 2. Strategic Observations 3. Polyurethane Market 4. Individual Business Line Strategies 5. Recticel Portfolio & Strategy

8. The global PU application market represented about €38Bn globally in 2009 :  About 11 million tons of raw materials were converted into PU applications worldwide % in volumes : sources BASF & Dow Polyurethane market : Size

10. % in volumes : sources BASF & Dow  Footwear and Textile segments are mainly located in Asia  All other segments are represented in all four regions Polyurethane : Leading Markets & Applications

11. Polyurethane Market : Global Shift Global MDI (70% of isocyanates volumes) 2010 YTD5 volumes already higher than pre-crisis 2008 YTD5.... !! (Source : Huntsman) Investment Priorities in raw material capacities : - #1 is Asia/China - Selective in EU - No more investments in USA (Sources : Huntsman, BASF, DOW, Bayer) Source: t, 2010 Asia Europe Americas

14. The PU application market is very fragmented :  More than 100 foamers (Flexible Foam, Insulation, Seating) in Europe  Recticel (€1.3Bn), Inoac (€1.4Bn), Carpenter (€1Bn), Foamex (€0.5Bn), Vita (€0.6Bn), Foamline (€0.4Bn), Organica (€0.3Bn) together represent 13% of worldwide PU foaming market  By comparison, Bayer, BASF and Dow represent 50% of worldwide PU raw material market, resulting in tremendous power to control raw material pricing Polyurethane Market : Competition

22. Agenda 1. Strategic Review Process 2. Strategic Observations 3. Polyurethane Market 4. Individual Business Line Strategies 5. Recticel Portfolio & Strategy

24. 9-Box Grid : positioning of the 5 Recticel segments

26. Q & A Thank you for your attention